The Directors present their Sixteenth Annual Report and Audited
Statement of Accounts for the year ended 31st March, 2000.
1. FINANCIAL RESULTS :
In the absence of any operation during the year, the Company has
incurred a loss of Rs. 3.73 lakhs before providing for interest and
depreciation. The interest and depreciation for the year are Rs. 43.08
lakhs and Rs. 4.37 lakhs respectively. After considering the same, the
Net Loss Rs. 51.19 lakhs is carried forward to the Balance Sheet.
2. OPERATIONS :
The Company's operations continued to remain suspended in the absence
of any positive proposals/assistance for the implementation of the
approved Rehabilitation Scheme.
The Directors regret to inform that the Board for Industrial and
Financial Reconstruction (BIFR) has passed an Order on 04.09.2000 for
winding up of your Company, having come to the conclusion that the
Company is not likely to be revived within a reasonable time in the
absence of any rehabilitation proposals, despite opportunities having
been given to all concerned.
3. AUDITORS' REPORT :
In respect of the remarks of the Auditors, the relevant notes to the
Annual Accounts are self explanatory. With regards to auditor's
remark, the reason for non-provision for various accounts( Refer Note
No.3)(1) is that, such provisions will have significance if they are
charged against profit. In the case of your Company, they would amount
to inflation of losses and therefore do not have practical
significance.
4. DIRECTORS :
The Directors regret to report the sad demise of Mr. Vasantrao S.
Dempo, Pounder and former Chairman of the Board of Directors of your
Company on 9-11-2000. Late Vasantrao S.Dempo was Chairman since
inception till his retirement from business in June 1998. The Board of
Directors record their appreciation for the invaluable services and the
expert guidance and support given by Late Vasantrao S. Dempo to the
members of the Board of Directors in the conduct of the affairs of the
Company.
The Directors regret to report the sad and untimely demise of Mr.
Vasudeva V. Dempo, Chairman on 28.11.1999. He had been associated with
the Company since 15.03.1985. The Board of Directors record their
appreciation of the invaluable services and the valuable guidance and
support given by late Vasudeva V. Dempo during his tenure with your
Company as a member of the Board.
Mr Bhalchandra R. Sule and Mr. Shardul J. Thacker, resigned from the
Board of Directors on 23.03.2000 and Mr. Anilkumar S. Ruia and Mr.
Damodar N. Naik, on 30.06.2000. The Board accepted the resignations and
recorded the valuable services rendered by them during their tenure
with the Company.
Mr. Shrinivas V Dempo was inducted on the Board on 23.03.2000, in the
casual vacancy caused by the demise of Mr. Vasudeva V. Dempo and Mr. S.
K. Desphande was appointed as a Director on 23.03.2000 in the casual
vacancy caused by the resignation of Mr. Bhalchandra R.Sule. Mr.
S.M.Kanwar was appointed on the Board of Directors on 23.03.2000 as a
Nominee Director of BIFR. Mr.Srigururamnath V. Quenim, Director who
retires by rotation and being eligible offer himself for
re-appointment.
6. AUDITORS :
M/s Naik Gaunekar & Co., Chartered Accountants, who retire at the
conclusion of the ensuing Annual General Meeting are eligible for
re-appointment.
7. Y2K COMPLIANCE:
No software or hardware problems relating to Y2K switch-over were
reported during the course of transition to the new mellinium.